$BTC

**US House Market Structure Draft Overview**

The proposed US House market structure draft aims to modernize equity and crypto trading regulations, prioritizing transparency, competition, and investor protection. Key provisions target payment-for-order-flow (PFOF) practices, conflicts of interest in retail trading, and enhanced SEC oversight of crypto platforms.

The draft seeks to level the playing field between retail and institutional investors by mandating clearer price disclosure, tighter restrictions on off-exchange trading (e.g., dark pools), and stricter enforcement against market manipulation. It also addresses crypto market risks, proposing rules for custody, asset segregation, and exchange accountability.

Critics argue the reforms could raise trading costs or stifle innovation, while proponents highlight reduced systemic risks and fairer access. The bill’s crypto provisions align with broader efforts to integrate digital assets into regulatory frameworks, potentially legitimizing the sector.

If passed, the draft would reshape trading infrastructure, impacting brokers, exchanges (traditional and crypto), and retail investors. Market participants await amendments as debates over balancing innovation and oversight intensify.